Indo Rama merger

Indo Rama Synthetics (India) Ltd’s (IRSL) board has passed a resolution to explore the proposal to merge Indo Rama Petrochemicals Ltd (IRPL) with itself. The in-principle approval is for an evaluation of the proposal for the merger subject to all the necessary statutory, regulatory and legal approvals. IRPL is located at Butibori, Nagpur, where it is commissioning a 30-mw power plant comprising two coal-fired plants of 15 mw each.

Aptech pact

Aptech Ltd has signed an MoU with the Information Technology Institute (ITI), Cairo — the technical training arm of the ministry of communications and information technology, Egypt. Under the pact, Aptech will initially host e-learning courses and the two will penetrate the markets surrounding Egypt later.

Metro move

Metro Cash & Carry India has opened its third cash & carry distribution centre in India in Hyderabad. It is the company’s first such centre in Andhra Pradesh. The centre is spread over 7 acres and has a selling space of 100,000 sq ft. The company has invested Rs 67 crore in the centre.

MIC Electronics

MIC Electronics Ltd has recently filed a draft red herring prospectus with the Securities and Exchange Board of India (Sebi) to enter the market with its public offering. The company proposes to issue 51,00,000 equity shares of Rs 10 for cash at a price to be decided through 100 per cent book building.

Fidelity rate

ICRA has assigned The Fidelity Short-term Income Fund a credit risk rating of mfAAA. The rating indicates the fund carries the lowest credit risk, similar to that associated with long-term debt obligations rated in the highest credit quality category.

SAAG profit

SAAG RR Infra Ltd’s profit for the second quarter of this fiscal was Rs 1.54 crore compared with Rs 57.05 lakh a year ago. The company’s turnover was Rs 18.98 crore in the half year ended September 2006.

Century Ply

Century Plyboards (CPIL) has got Calcutta and Guwahati High Court’s clearance to merge with Shyam Century Ferrous Alloy (SCFL). The exchange ratio approved by the companies is three CPIL shares for every four shares of SCFL.

M&M award

Mahindra & Mahindra has received the Golden Peacock award for excellence in corporate governance for 2006. The award was instituted by the Institute of Directors (IoD) in 1991.

Bisleri launch

Bisleri has launched a premium variant, Bisleri Natural Mountain Water, with an initial investment of over Rs 100 crore. the product will come for Rs 20 for a one-litre bottle.